SMAX vs. PSCW
SMAX (iShares Large Cap Max Buffer Sep ETF) and PSCW (Pacer Swan SOS Conservative (April) ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, SMAX returned 8.07% vs 13.09% for PSCW. A 0.75 correlation means they provide meaningful diversification when combined. SMAX charges 0.50%/yr vs 0.61%/yr for PSCW.
Performance
SMAX vs. PSCW - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX achieves a 2.93% return, which is significantly lower than PSCW's 7.07% return.
SMAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 2.93%
- 6M
- 2.84%
- 1Y
- 8.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PSCW
- 1D
- 0.08%
- 1M
- -0.12%
- YTD
- 7.07%
- 6M
- 6.91%
- 1Y
- 13.09%
- 3Y*
- 11.30%
- 5Y*
- 6.96%
- 10Y*
- —
SMAX vs. PSCW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 2.93% | 8.01% | 1.06% |
PSCW Pacer Swan SOS Conservative (April) ETF | 7.07% | 6.56% | 1.88% |
Correlation
The correlation between SMAX and PSCW is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.75 |
The correlation between SMAX and PSCW has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.
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Return for Risk
SMAX vs. PSCW — Risk / Return Rank
SMAX
PSCW
SMAX vs. PSCW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and Pacer Swan SOS Conservative (April) ETF (PSCW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMAX | PSCW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.79 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 8.78 | -4.55 |
| Martin ratioReturn relative to average drawdown | 22.55 | 41.67 | -19.11 |
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Drawdowns
SMAX vs. PSCW - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum PSCW drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for SMAX and PSCW.
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Drawdown Indicators
| SMAX | PSCW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -11.89% | +7.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -1.50% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.89% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.55% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -0.40% | -2.16% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.31% | +0.05% |
Volatility
SMAX vs. PSCW - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.76%, while Pacer Swan SOS Conservative (April) ETF (PSCW) has a volatility of 1.42%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than PSCW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAX | PSCW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 1.42% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.75% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 3.66% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 7.66% | -4.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 7.57% | -3.93% |
SMAX vs. PSCW - Expense Ratio Comparison
SMAX has a 0.50% expense ratio, which is lower than PSCW's 0.61% expense ratio.
Dividends
SMAX vs. PSCW - Dividend Comparison
SMAX's dividend yield for the trailing twelve months is around 0.95%, while PSCW has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
PSCW Pacer Swan SOS Conservative (April) ETF | 0.00% | 0.00% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% |
Frequently Asked Questions
SMAX and PSCW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSCW has higher volatility (1.42%) compared to SMAX (0.76%). In terms of maximum drawdown, SMAX dropped -3.90% vs PSCW's -11.89%.
On 1-year performance, PSCW leads with 13.09% vs 8.07% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PSCW has performed better with a 13.09% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.61% for PSCW.
SMAX has the higher dividend yield at 0.95%, compared with 0.00% for PSCW.
They also come from different issuers: iShares and Pacer. Their fees differ too: 0.50% for SMAX and 0.61% for PSCW.
PSCW currently has the higher Sharpe Ratio (3.59 vs 3.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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